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Tax Preparation Checklist for Trust & Estate 1041’s
As an Enrolled agent I am ethically bound to help you pay the
lowest tax you are legally required to pay. This list will help us
do our job. It is a concise, though not exhaustive, outlines of some
of the documents we will need when we meet with you.
ü
Name of Estate or Trust
ü
Date of death
ü
A copy of the accounting for the estate or trust for the current
fiscal year, if one is prepared. If not, a copy of the check
register, bank statements and brokerage statements for the current
fiscal year.
ü
A copy of the will.
ü
A copy of the community property agreement.
ü
A copy of the trust document. (If testamentary trust, the will may
be trust document.)
ü
Copy of the letters testamentary (the appointment of the personal
representative if a probate is opened for the estate.
ü
A copy (need not be certified) of the death certificate.
ü
Federal Identification Number assigned to the trust and/or the
estate. If a revocable living trust, an estate FIN may be needed to
use a fiscal year for tax purposes.
ü
A list of the beneficiaries including addresses, Social Security
numbers and amounts of any specific bequests and/or percentage of
residue for each. (Social Security numbers are not required for
beneficiaries that receive only specific bequest.)
ü
A copy of the last personal income tax return filed on behalf of the
decedent. (If and estate or copy of the last Form 1041 filed by the
trust (if a trust).
ü
A copy of the inventory of the trust or estate.
ü
A list of assets owned, but held outside the State of Illinois, if
not included in the inventory.
ü
A list of any life insurance owned by the decedent, if not included
in the inventory.
ü
For the final year of the estate of trust, a list of
expenses/distributions to be paid at closing.
ü
A copy of the Declaration of Completion (or other court closing
document), if an estate
Be sure to consult a Tax Professional
if you
think any of the matters discussed here concern you or your
business: this is not intended to be the complete story. Also, be
sure your tax advisor is one of your area's many qualified Certified
Public Accountants or Enrolled Agents. Last year only 3% of
the tax preparer penalties assessed by the Internal Revenue Service
was given to C.P.A.'s or E.A.'s, the balance, 97%, was assessed on
so-called independent "tax preparers." Be smart, entrust this very
important job to a qualified professional.
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